Process was fast and easy, very friendly associates
Several month process to get through the documentation. They frequently said their fax system is in really bad shape; always talking to a different person... After sending them my detailed tax history for the 4th time I gave up. Really unprofessional outfit. If you don't want to do home equity loans, just pull out of that side of banking? Seriously considering moving my alternate accounts from them to another institution after this experience.
I have an 805 Credit score and have worked in the same industry for 15 years, have been at my home for 5 years. I normally get the lowest interest rate on everything i apply for. 5/3 bank rep at the branch told m e the HELOC rates are a "touch" above 3. After i jumped through all the hoops, sent all the required info, they came back w/ a 5.25% rate. I was floored. My brother applied for one w/ a different bank and got a 2.99% rate. The rep went on to tell me that the lowest they can give anyone is 3.9%, because they do prime + .4%, which is still high and something he should have told me when i asked him in the 1st place before i applied. Look around at other banks and you can find a much cheaper rate.
They get you through the entire application process based on your estimated income and home values (that they provide to you from their system ). At the very end, they will increase the rate because the appraisal came in lower than anticipated (or whatever other reason they can find). They quickly go over the interest rate on the phone without actually explaining the increase or the reason for it. They gloss over the increase, if you do not pay close attention, you will get screwed. They will claim to go back through their records and listen to the phone call, but will not give you access to the recorded call or a transcript of what was said. BEWARE!
I had an auto loan from them and even making payments on time they would still call and pester me about payments all the time. I had to take a block all MILLIONS of their numbers. Their customer service is horrible. If you get someone its an indian and you can't understand them. Their payments, if you give them your bank account info are withdrawn earlier and earlier each month. After the second year I figured out that I had made a whole extra payment because they were shaving a few days off each month. So the first month it would be due the 15th then next month the 11th then the next the 6, etc. After 2 years I added up all the payments and I had made 25 payments in 2 years. What a sham! They are a horrible company and I am GLAD to be rid of them. I had to pay the loan off early, 3 years early to get them to quit with the harassment. Hope this company goes under...
I'm unhappy they I have to get them 1 star, this company gets NONE!
Have a paid-off house, good income, good credit.. Two months and still can't get an approval for a HELOC. The trickle of required income and tax docs.... with a moving goalpost each time of documents required ....finally ended 9 days ago.... and still can't get an answer. An expedite was requested on the approval, no effect.
On the phone, I get the queasy feeling I am talking to a robot AI instead of living persons.
What is especially infuriating is that the reps thank me every time for "being a preferred BofA customer" (my business accts also with them).
Other banks can get an approval in 5-10 days. Going that route, as my customer loyalty apparently means nothing.
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